Date: 8th August 2016
New London and Partners report estimates that London’s Event leisure tourism contributes £2.8 billion to the city’s economy. The findings were based on an economic model delivered by Regeneris, to capture the impact of Major Events on the city’s economy. This contribution comprises £1.873 billion from domestic day visitors, £297 million from domestic overnight visitors and £644 million from international visitors.
The studies carried out by Regeneris Consulting and London & Partners show that major events contributed more than £2.2 billion over a four-year period after the 2012 Olympic Games and are worth at least £400 million every year to the London economy. Over the same period London’s major events supported over 21,000 jobs. The studies looked at sporting cultural events such as Ride London and the NFL. These studies used data on visitor numbers and spend patterns across the events to generate an overall estimate of their impact on the economy and the value generated by London Partners in helping bring them to the city.
The year 2015 proved to be the most successful year in terms of contribution, with an estimated impact of £949 million. This includes expenditure generated by visitors drawn by the Rugby World Cup, the major event which delivered the highest impact in the period after the Olympic Games.
This analysis also found that major sporting events were by far the biggest contributor, injecting an estimated £1.67 billion between 2013 and 2016, followed by major cultural and music events, jointly contributing £560 million.
Receive our latest thinking on economic and social impacts on people, places and economies.GET IN TOUCH